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Harley-Davidson, Inc. was incorporated in 1981, at which time it purchased the Harley-Davidson motorcycle business from AMF Incorporated in a management buyout. Unless the context otherwise requires, all references to the Company include Harley-Davidson, Inc. and all of its subsidiaries.
Operating margin is thin at 8.29%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 52% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$4.55B
▼ -5.6% YoY
Net Income (TTM)
$233M
▼ -25.6% YoY
Op. Margin
5.49%
▼ -0.1pp YoY
ROIC
1.96%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$44M
▼ -52.1% YoY
Op. Cash Flow (TTM)
$199M
▼ -46.5% YoY
Net Debt
$395M
Cash & Equiv.
$1.81B
5Y CAGR: +3.8%
5Y CAGR: -16.9%
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